The Ghanaian government has introduced using of blockchain-backed gold tracking system to curb Gold smuggling in the country and bring transparency to the sector.
The blockchain tracking system will every transaction in the gold supply chain, and bring the records into account.
It's worth noting that Ghana usually lose an estimated $2 billion every year into Gold smuggling. This money can be used to boost public investments if it's acquired by government.
Nevertheless, parliament has proposed a "Gold Board Bill" which aims to regulate gold trading by establishing a "Gold Board" as the sole buyer from licensed small-scale miners. This will ensure fair pricing and reducing smuggling.
If the bill is approved, all miners will be registered in a national database. This will create a more organised system, and each batch of gold will receive a unique digital code recorded on a secure blockchain ledger.
Recording the transactions on blockchain ledger makes it more transparent, traceable and accountable.
For sure, the blockage tracking system and the Gold Board Bill will close any loopholes, prevents illegal sales and smuggling, and ensures that gold trade operates in a fair and well-regulated manner in the country.
Lastly, the parliament has also made arrangements for an anti-smuggling task forces who are tasks to established inspections, seizures, and prosecution of unlicensed gold shipments.
